Duncastle Gold Corp.
TSX VENTURE : DUN

Duncastle Gold Corp.

July 20, 2009 17:33 ET

Duncastle Closes Second Tranche of Non Flow-Through Private Placement and Announces Flow-Through Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 20, 2009) -

Non Flow-Through Private Placement

Duncastle Gold Corp. (the "Company") (TSX VENTURE:DUN) reported that it has closed the second tranche of the previously announced non-brokered non flow-through unit private placement. Each "non flow-through unit" issued in the second tranche consists of one common share priced at C$0.09 per share and one share purchase warrant exercisable to purchase one additional common share at an exercise price of C$0.15 per share for a period of two years. The second tranche of this private placement consisted of 1,647,215 units for gross proceeds of C$148,249.

All securities issued pursuant to this second tranche closing, including common shares, share purchase warrants and finders' warrants issued as finders' fees, carry a legend restricting trading of the securities until November 18, 2009.

Flow-Through Private Placement

The Company reported today that it plans to issue up to 1.1 million common shares in a non-brokered flow-through unit private placement at a price of C$0.11 per unit to raise C$121,000. Each unit will consist of one flow-through common share and one-half share purchase warrant, with each whole warrant exercisable to purchase one additional non flow-through common share at an exercise price of C$0.15 per share for a period of two years.

Finder's fees may be payable on both private placements. The private placements and finder's fees are subject to regulatory approval. The proceeds from the private placements are for working capital and the advancement of the Company's projects in SE British Columbia.

On behalf of the Board of Directors,

Lawrence Page, Q.C., President, Director, Duncastle Gold Corp.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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